Published: Nov 03, 2010 6:42 PM EDT
Updated: Nov 03, 2010 3:42 PM EDT

WASHINGTON (AP) - President Barack Obama said Wednesday that voters frustrated by the pace of economic recovery dictated a Republican takeover of the House in midterm elections, adding, "As president I take responsibility" for a failure to restore job growth more quickly.

The president said he was eager to sit down with the leaders of both political parties "and figure out how we can move forward together."

"It won't be easy," he said, noting the two parties differ profoundly in some key areas.

He spoke at a White House news conference on the day after Republicans captured control of the House and cut deeply into the Democratic majority in the Senate.

"No one party will be able to dictate where we go from here," he said, a clear warning to Republicans that he won't simply bow to their demands for a sharply conservative switch in economic policy.

With his comments, Obama largely followed the lead of Republican leaders who said earlier in the day they were willing to compromise - within limits.

With unemployment at 9.6 percent, both the president and the Republicans will be under pressure to compromise. Yet neither must lose faith with core supporters - the Republicans with the tea party activists who helped them win power, Obama with the voters whose support he will need in 2012.

The president said the economy had begun a recovery since he took office but Americans became wary when they saw government bailouts of failing banks and two of the Big Three U.S. automakers.

"I think people started looking at all this, and it felt as if government was getting much more intrusive into people's lives than they were accustomed to," he conceded.